Archive for the 'General Information' Category
Monday, September 29th, 2008
What is COBRA?
The Consolidated Omnibus Budget Reconciliation Act (COBRA) is supplemental insurance that people can acquire when they are between jobs or are otherwise lacking in health care coverage. It gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time. This may happen under certain circumstances such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce, and other life events. Qualified individuals may be required to pay the entire premium for coverage up to 102% of the cost to the plan. COBRA begins on the date when a qualifying event triggers the loss of the health coverage. The law allows from 18 to 36 months, depending on the qualifying event. Employers may choose to provide coverage for longer periods if they wish. COBRA insurance also covers recent retirees, people with disabilities, the spouse and/or children of covered employees.
Tuesday, August 19th, 2008
Individual Health Insurance
Image Source:www.individual-health-insurance-quote.com
If you are freelance or your company does not tender health
insurance, you may not have admission to group insurance. You may,
however, be able to pay for individual coverage directly from an
insurance company. When you buy your own health insurance, you
will be accountable for paying the entire premium rather than
sharing the cost with an employer. You should shop around to find
a plan that fits your needs at a price that you are eager to pay.
Most self-employed personnel are able to take away their health
insurance premiums from their Federal taxable income, providing
them with an important tax saving. Most States also offer similar
tax preferences. If you are self-employed and buy individual health
insurance, you should confer with a tax advisor to find out if you are
eligible for this deduction.
Insurance plans differ greatly from one company to another and,
within an insurance company, from one plan or product to another.
Some plans have multiple products from which you can
choose; read vigilantly through the “fine print” to be sure you
appreciate the various choices.
Tuesday, June 3rd, 2008
What Makes Health Insurance Effective?
Effective Health insurance can be providing the best coverage for everyone at the most affordable cost. The reasoning is that access to good health care is available with effective health insurance. There is a proposal for a provide or pay insurance plan wherein everyone will have quality health insurance. Both government and private health insurance providers can implement this.
It will be effective because everyone pays his or her share in the cost and everyone gets the benefit of health insurance coverage. Instead of passing the cost of health care for the uninsured to the public and the insured, under this strategy, all shoulder the cost and health insurance is available for everyone.
Sunday, May 18th, 2008
Gaps in Medicare? Get Medicap
If you’ve got that sinking feeling that there might be gaps in your Medicare coverage, you may be right. However, if you do find a gap, what do you do? A lot of elderly Americans these days have a hard time with paying for medical expenses they assumed would already be covered.
In case, you do see gaps in the Medicare coverages (or you might be worried in the future you will), it is advisable that you purchase Medigap. It is designed to fill in the gaps in your Medicare coverages. These are usually sold through private insurance companies and are standardized and regulated by state and federal law.
Friday, May 16th, 2008
The Elderly and Health Insurance
Growing old may mean more time in taking care of your health. However, once you resign and you’re no longer covered by your company’s health insurance program what do you do? Get a long term health insurance before this happens to you.
Long Term Care Insurance or LTCI will be useful when you’re in the twilight of your years and probably no more resource for money to pay for a normal health insurance policy. However, deciding when to buy an LTCI policy will depend on a lot of factors, as buying them while you’re young means less expensive premiums to pay but you may be paying it over a very long time. It’s suggested that one should buy this type of insurance at around the 50’s to 60’s age range.
Source
Wednesday, May 14th, 2008
Get a COBRA
For those who got fired (not including those who got fired because of gross misconduct) or just recently resigned to look for a new job, you need not worry about your health insurance coverage…that is if you can afford it, thanks to Consolidated Omnibus Budget Reconciliation Act of 1985, otherwise known as COBRA.
For a name synonymous with snakes and poisons, it can help you weather out the storm while you look for a new way to cover health insurance for yourself and your loved ones. According to this act you have the right to continue your former employer’s group plan for individual or family health insurance for up to 18 months at your own expense.
If you’re currently employed, ask your HR personnel for more details.
Source
Monday, May 12th, 2008
Health Insurance for Short-term Situations
If there’s anytime, that you would suddenly lose health insurance, either because you’re a new graduate looking for a job, or someone who just got a job and your health insurance benefit comes into the scene three months after. If you fall somewhere within these types, then you might be interested in looking for a health insurance that will temporarily cover you and/or your family.
Most short-term health insurance has a coverage ranging from 180 days to 12 months tops. It’ll cover accidents or sudden illnesses. You’ll be in charge of picking your own doctor or clinic, and get in and out patient services as well.
The negative side of it all is that it won’t offer all permanent plan benefits. It won’t include pre-existing conditions, routine medical exams, preventive care, optical or dental care, or pregnancy and childbirth expenses.
Saturday, May 10th, 2008
College Health Care Plans: Yes or No?
Parents’ health insurance plans unfortunately doesn’t always cover their college student children. In fact, there’s 5 million who aren’t covered at all. In this case, colleges usually assist the parents by implementing their own insurance for the kids. But this doesn’t mean it’s all ok now. Businessweek.com advises that parents should read the details before signing on the dotted line:
- Maximum Benefits vs. Deductibles. Most college plans have a very low benefits ceiling—often $30,000 or less. This won’t cover large medical issues such as cancer or injuries suffered in a car accident.
- Interior Caps. Some college insurance plans are structured so it is nearly impossible to take advantage of all the benefits.
- Prescription Drugs. Most plans put a cap on the coverage for prescription drugs. These caps, however, can vary from $400 to $5,000-plus.
- Exclusions. At the bottom of most insurance plans is a list of exclusions—medical issues or procedures that aren’t covered.
- Loss Ratios. Colleges seldom disclose a key statistic for judging their plans, known as a “loss ratio” or “benefits ratio.”
Sunday, May 4th, 2008
Employee Health Insurance is No Longer Enough
More people these days are living without any health insurance because of the downturning of the economy. However, those that do have it are saying that they have limited coverage and can no longer afford to pay their share of medical costs.
158 million people covered by employer health insurance programs are paying higher medical expenses due to various combinations of factors like higher premiums, less extensive coverages, and larger out-of-pocket deductibles and co-payments.
An employee’s average cost of annual health care has doubled since 2001. A survey is stating that only 7 percent said they are prepared financially for any future health problems or requirements.
Source
Tuesday, April 15th, 2008
In choosing a Managed Care Organization
by: Djai Tanji
Managed Care Organization (MCO) takes care of selecting an organization that will collect the premiums paid out of a person’s Social Security money from the Medicare program. In choosing MCO, pay attention how much a plan costs and what it covers. An MCO is intended to permit people to acquire full Medicare coverage at a minimum cost. Find out if an MCO allows you to choose your own doctor or not. MCOs that allow wider choices of doctors and hospitals mean that it include higher co-payments and deductibles. By choosing an MCO that offers additional benefits, you will have access to needed supplies and services that may not be covered by Medicare.